BIBD positions Brunei as Islamic finance hub

Bank Islam Brunei Darussalam, Brunei's largest bank, is planning to be the first company listed on the Brunei Stock Exchange when the exchange is launched in 2017, says Javed Ahmad, former Managing Director of BIBD.

How would you describe Brunei's financial sector?

Thirty years ago, there were no domestic financial institutions in Brunei; they were all foreign. Over the last 25 years that has changed, and domestic financial institutions now represent 65 percent of domestic banking.

What makes Islamic finance in Brunei globally competitive?

In most parts of the world, you do not see Islamic banks playing a dominant role because Islamic banking is new. They are large players, but not the leaders. We are the exception here: BIBD is among the only Islamic institutions globally that leads its national industry.

Why should China consider Brunei a hub for Islamic finance and how can BIBD play a part?

Countries likely to benefit from the Belt and Road Initiative are those on the ancient Silk Road. These were once the meeting places for Muslims, Christians and Jews in a melting pot of commerce and trade. Today, that revived vision will require financial resources from all over the world and Islamic finance can mobilize part of that capital. BIBD can participate through our cooperation agreement with the China Development Bank.

(China Daily 02/23/2016 page6)